Financing FAQ


What does “In House” financing mean?

“In House” financing is a term used by MotoMax to describe a loan in which MotoMax holds the retail installment contract. These loans are owned and collected by MotoMax. All loan payments are paid to MotoMax.

How are MotoMax finance charges calculated?

All retail installment contracts with MotoMax are "simple interest" contracts. This means that finance charges, often referred to as "interest," accrue daily, beginning on the date of your contract. Each time you make a payment, the payment amount is applied first to accrued finance charges. The amount of finance charges that accrues is calculated by multiplying the number of days between the last payment and the next payment by your individual daily per diem. The per diem is the amount of finance charge incurred "per day." The formula is as follows: Current principal balance multiplied by your finance charge rate and divided by 365.

Does MotoMax report to the credit bureau?

YES all customers that use our “In House” financing plan get reported to the credit bureau. MotoMax regularly reports both positive and negative payment information to the Equifax credit reporting agency. On time payments can help you start or rebuild your credit history. Making your payments on time will result in a higher credit score. Having a good credit history is crucial to a successful personal and financial future. People and businesses will use your credit report to see how well you kept your previous payment agreements.

How much interest will I pay?

One easy way to figure out how much interest will be paid on a loan is to multiply your monthly payment by the number of payments you will make to complete the loan. For example, if you took out a $6,000 motorcycle loan with a monthly payment is $255 per month for a term of 30 months and you fulfill the requirements of the loan by making on time payments for 30 months the total amount paid equals $7,650. The additional $1650 reflects the interest you paid. MotoMax calculates interest using the simple interest method. MotoMax never charges a prepayment penalty. The faster you pay off the loan the less you will pay in interest. Any extra payments over and above your normal payment will automatically go towards paying down the principle balance.

What is a Credit or FICO Score?

Your credit score is a sort of numeric "grade" of how reliable you are to keep your promise to repay a creditor. An increasingly common name for credit score is "FICO™ Score." FICO™ is a trademarked acronym for "Fair, Isaac and Company," the company that developed the particular scoring method used to create the score. Scores range from 350 to 850; the higher it is, the better creditors like it. Scores are based on approximately different 30 factors. To find out more visit

If I have good credit should I finance with MotoMax's “In-House” program?

In today's post sub-prime market good credit is often defined as credit score higher than a 660. If you have a 660 or better you can find a cheaper financing option by using a bank or credit union. Banks and credit unions may offer lower rates and longer terms which mean lower payments. Good credit customers may also be able to qualify for manufacturer credit cards that offer very low subsidized rates.

How do I dispute information MotoMax has reported to a consumer reporting agency?

If you want to dispute the reporting of your account by MotoMax please write to us at:
Attn: Credit Report Dispute
P.O. Box 1528
Henderson N.C. 27536

In your letter, please identify the specific information that you are disputing, explain the basis for the dispute, and include any supporting documentation to substantiate your dispute.

What is the difference between “In House” financing and “Buy Here - Pay Here”?

“In – House financing”, “On the lot financing”, “Buy Here - Pay Here” and “Tote the Note” all refer to a type of financing which which the dealer originates the loan inside the dealership and retains ownership for the term of the loan. In other words, the dealership owns and services the loan. Customers make payments directly to the dealership that they purchased the motorcycle or ATV from.

How and where do I make my payments?

MotoMax has three easy ways to make a payment. The first and most common, come into the store and make a payment. The second is pay online using a debit or credit card. You can do this by clicking here: The third and the easiest way to sign up for automatic payments. This method charges your credit/debit card monthly or deducts funds from for checking account when payments come due.

What is the minimum credit score that MotoMax will accept in order to qualify for financing?

We accept and approve all credit scores. Even if you have a score of 350, the lowest possible score, we will be able to get you approved. MotoMax looks at a customer's ability to repay the loan along with residential and job stability in our approvals.

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